Indian Exports Resilient In November, Says Piyush Goyal Amid US Trade Woes

The country's exports, which fell by about 12% in October, have registered healthy growth in November, Commerce and Industry Minister Piyush Goyal said on Wednesday. However, he did not disclose the numbers.

The commerce ministry will release the export and import data for November on December 15.

'Merchandise exports are also on a strong wicket. Merchandise exports went down in October. Incidentally, November has gone up by a greater amount than what went down in October. If I aggregate October and November, there is growth in merchandise exports despite the global turmoil,' he told reporters here.

He said India is working towards deeper integration with global trading partners, and in the months and days to come, 'you will hear a lot more about our own successful engagements with many of our trading countries'.

India is negotiating several free trade agreements (FTAs) with various countries and regions, including the US, European Union (EU), New Zealand, Oman, Chile, and Peru.

When asked about the rupee value against the US dollar, he said the Indian economy continues to power on.

'The growth is at 8.2% in Q2, beating all estimates. We have seen the lowest-ever inflation in the last few months. Foreign exchange reserves continue to be strong. Capital inflows and investments in infrastructure, consumer spending, and all the levers of the economy have demonstrated a great deal of positivity,' the minister said.

The rupee hit a historic low of 90.15 against the US dollar on Wednesday, raising fears of inflation.

India's exports contracted 11.8% to $34.38 billion in October on account of the impact of high tariffs by the US, while the trade deficit widened to a record high of $41.68 billion, mainly due to a jump in gold imports.

In April-October this fiscal year, exports increased marginally by 0.63% to $254.25 billion, and imports rose 6.37% to $451.08 billion.